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IMF addresses Belize’s Correspondent Banking Problem

Belize was one of the Caribbean countries that was most affected after two-thirds of its correspondent banking relationships was lost in 2015 and 2016. The International Monetary Fund (IMF) has decided to assist countries like Belize to recover. This commitment was expressed by IMF’s Managing Director Christine Lagarde who said that some progress had been made with a major correspondent bank. At the opening of the IMF’s 2017 High-Level Caribbean Forum at the Pegasus Hotel in Kingston, Jamaica on Thursday, Lagarde said that Belize has at least two correspondent banking relationships, and can process transactions in a timely manner. But the decrease of correspondent banking relationships has created financial problems for the private sector. So the news that the IMF is willing to support Belize was welcomed by the Chief Executive Officer of the Belize Chamber of Commerce and Industry, Kim Aikman.